Monopolistically competitive firms face a perfectly elastic demand curve.
Indicate whether the statement is true or false
Question 2
Refer to Table 10-5, which lists the values of Harry Taber's marginal utility and marginal utility per dollar for Italian submarine (sub) sandwiches and tacos. Assume that the price of a sub sandwich is 4 and the price of a taco is 2.
When Harry's income is 14, he buys two Italian sub sandwiches and three tacos. The last column lists the values of the marginal utility per dollar for tacos when the price of a taco decreases to 1. Complete this statement: As a result of the change in price
A) Harry's purchasing power has increased. He will reduce his consumption of tacos so he can buy one more sub. This is an example of the substitution effect of a price change.
B) Harry's purchasing power has increased. Harry buys fewer tacos. This is an example of the substitution effect of a price change
C) Harry's purchasing power has increased. If tacos are a normal good for Harry he will buy fewer tacos. This is an example of the income effect of a price change.
D) Harry's purchasing power has increased. If tacos are a normal good for Harry he will buy more tacos. This is an example of the income effect of a price change.
Ebbinghaus’s forgetting curve
Muscles of the head, neck, and face.
In the box on upward social mobility on page 82, we discussed how Latinos face a similar situation. ...
The population of Asia increases rapidly, the demand for food and water is also growing
The growth in demand for energy use is met by burning fossil fuels
Type III curve. Mortality is highest early in life. Data for a desert shrub (Cleome droserifolia).